Why Domain, Lynas, Platinum, & Praemium shares dropped lower today

The Platinum Asset Management Ltd (ASX:PTM) share price and the Praemium Ltd (ASX:PPS) share price are two of four starting the week deep in the red…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index is on course to start the week on a very positive note. In afternoon trade the benchmark index is up almost 0.6% to 6,216 points.

Four shares that have failed to follow the market higher today are listed below. Here's why they have started the week in the red:

The Domain Holdings Australia Ltd (ASX: DHG) share price has fallen over 6% to $2.85. Investors have been hitting the sell button after analysts at Macquarie downgraded the property listings company's shares to an underperform rating with a $2.70 price target. The broker made the move after a recent rally took its shares into overvalued territory. This price target implies potential downside of just over 5% from the current share price.

The Lynas Corporation Ltd (ASX: LYC) share price is down almost 2% to $2.07 after the Prime Minister of Malaysia, Mahathir Mohamad, said that the government has "opened up the business to other people, and there are other companies willing to acquire Lynas." The companies that have expressed interest in Lynas have agreed to decontaminate any radioactive materials before bringing them into the country.

The Platinum Asset Management Ltd (ASX: PTM) share price has dropped over 4.5% to $4.68 after the release of a disappointing funds under management (FUM) update on Friday evening. During the month of March Platinum experienced net outflows of approximately $230 million. In light of this, the asset manager finished the period with FUMs of $25,756.5 million.

The Praemium Ltd (ASX: PPS) share price has crashed 18% lower to 45.5 cents after the investment platform provider revealed that one of its biggest clients is moving elsewhere. According to the release, Praemium has been notified by ANZ Private that it has selected an alternative supplier. This is a major blow as ANZ Private currently generates 8% of the company's revenue. It will transition to the new supplier from the new financial year.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Praemium Limited. The Motley Fool Australia owns shares of Platinum Investment Management Limited. The Motley Fool Australia has recommended Praemium Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why 29Metals, Brainchip, Platinum, and Premier Investments shares are falling today

These ASX shares are having a tough time on hump day.

Read more »

Man with his head in his head because of falling share price.
Share Fallers

Why 29Metals, Atlas Arteria, IDP Education, and Mineral Resources shares are falling

These ASX shares are having a tough time on Tuesday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why ALS, EOS, NRW, and Patriot Battery Metals are dropping today

These ASX shares are starting the week in the red.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why are these ASX tech shares getting smashed today?

Owners of these two stocks are missing out today.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why AGL, Brickworks, IGO, and New Hope shares are dropping today

These ASX shares are having a poor session. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Amcor, Arafura, Brainchip, and South32 shares are tumbling today

These ASX shares are having a tough time on hump day. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »